Solar Panel Cost in Rhode Island (2023 Local Savings Guide)
If you’re considering going solar in Rhode Island, you’re probably wondering about the cost. Solar panel prices have come down significantly in recent years, and there are various incentives and financing options available to help make going solar more affordable. In this guide, we’ll explore the current cost of solar panels in Rhode Island and how you can save on your solar installation.
First, let’s look at the average cost of solar panels in Rhode Island. According to the Solar Energy Industries Association, the average cost of a solar panel installation in the state is $3.50 per watt. This means that a 5 kW solar panel system, which is a common size for residential installations, would cost around $17,500 before incentives.
However, it’s important to note that solar panel prices can vary significantly depending on factors such as your location, the size of your installation, and the type of panels you choose. To get a more accurate estimate of solar panel cost for your home, you should get quotes from multiple solar contractors.
Now, let’s talk about how you can save on your solar panel installation. The biggest savings come from state and federal incentives, which can significantly reduce the upfront cost of solar panels. In Rhode Island, the state offers a variety of incentives for solar energy, including the Renewable Energy Fund, which provides grants and low-interest loans for renewable energy projects.
In addition to state incentives, you may also be eligible for federal tax credits for solar panels. The Investment Tax Credit (ITC) allows you to claim a credit for 26% of the cost of your solar panel installation on your federal taxes.
Finally, you may be able to save on solar panel cost through financing options such as a solar loan or a solar lease. A solar loan allows you to finance the cost of your solar panels and pay them off over time, while a solar lease allows you to pay a monthly fee to use the panels and get the benefits of solar energy without having to pay the upfront cost.
In conclusion, solar panel cost in Rhode Island can vary, but there are various incentives and financing options available to help make going solar more affordable. By exploring your options and getting quotes from multiple contractors, you can find the best deal on solar panels for your home.
Did you know that your home may qualify for Solar Panel Installation in RI at no upfront cost to you? That’s correct.. you can get Solar Panels in RI without paying for them up front. Fill out the form at www.RhodeIslandSolarPanels.com and we’ll show you exactly how much you can save. All we need to show you your savings is a copy of your current utility bill. Message us today.
